Ch 4 quiz

Ch 4 quiz - Review Assessment: REAL QUIZ FOR CHPTER 4...

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Unformatted text preview: Review Assessment: REAL QUIZ FOR CHPTER 4 Question 1 0 out of 4 points Use the following information in the adjusted trial balance for Stockton Company to answer the following questions. Stockton Company Adjusted Trial Balance For the Year ended December 31, 2010 Cash $ 6,030 Accounts Receivable 2,100 Prepaid Expenses 700 Equipment 13,700 Accumulated Depreciation $ 1,100 Accounts Payable 1,900 Notes Payable 4,200 Bob Steely, Capital 12,940 Bob Steely, Withdrawals 790 Fees Earned 8,750 Wages Expense 2,500 Rent Expense 1,960 Utilities Expense 775 Depreciation Expense 250 Miscellaneous Expense 85 Totals $28,890 $28,890 Determine the owners equity ending balance for the period. Correct Answer: Question 2 4 out of 4 points The post-closing trial balance differs from the adjusted trial balance in that it Correct Answer: does not include income statement accounts Question 3 4 out of 4 points Net income appears on the work sheet in the Correct Answer: debit column of the Income Statement columns Question 4 4 out of 4 points Which of the accounts below would be closed by posting a debit to the account? Correct Answer: Fees Earned Question 5 4 out of 4 points When preparing the statement of owner's equity, the beginning capital balance can always be found Correct Answer: in the general ledger Question 6 4 out of 4 points Which of the following account groups are all considered nominal accounts? Correct Answer: Drawing Account, Fees Earned, Rent Expense Question 7 4 out of 4 points When a work sheet is complete, the adjustment columns should have...
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Ch 4 quiz - Review Assessment: REAL QUIZ FOR CHPTER 4...

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